Developers finance 108 MW solar energy portfolio in Ontario

National Bank Financial Inc. and Sun Life Assurance Co. of Canada closed financing totaling $390 million for a 108 MW portfolio of solar photovoltaic projects under development by Recurrent Energy, in Ontario, Canada.

The portfolio consists of ten solar energy sites, known as Project Borealis, which is currently under construction and expected to be completed in early 2014.

Each of the sites has received an Ontario Feed-in-Tariff (FIT) contract and upon commissioning, the generated energy, sufficient to power about 10,800 homes, will be sold to the Ontario Power Authority (OPA) at a fixed rate of 44.3 cents per kWh for the next 20 years.